Crude oil futures hit highest close in two decades
(Xinhua)
Updated: 2005-06-25 09:06

Crude oil prices touched 60 dollars again before ending at record highs Friday as brokers concerned about robust US energy demand later this year.

On the New York Mercantile Exchange, light, sweet crude oil futures for August delivery rose 42 cents to end at 59.84 dollars a barrel, the highest closing price since the contract was introduced in 1983.

Meanwhile, on London's International Petroleum Exchange, the August Brent crude-oil futures contract climbed 39 cents to 58.35 dollars a barrel.

Rapidly rising consumption in the United States, the world's largest consumer, threatened to strain oil supplies and refining capacity when demand peaked later this year. The widespread fears over a fourth-quarter supply shortage had prompted hedge funds andother speculators to bet on a push to new records.

Oil futures had risen about 38 percent since the beginning of the year, and current price level was about 58 percent higher than a year ago.

Two years ago, however, oil in New York just cost 28.78 dollarsa barrel.

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